ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2020

Apr 13, 2020

NTA & Investment Update

AT 31 MARCH 2020

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 31 Mar 29 FebNTA per share1 $2.35 $2.56NTA per share after unrealised tax provision2 $2.31 $2.46----- End of picture text -----

1 After all costs, including any tax payable.

2 As required under the ASX Listing Rules, theoretical NTA per share after providing for estimated tax on unrealised gains/losses in the portfolio. That is, after tax that may arise if the entire portfolio was sold.

PORTFOLIO PERFORMANCE

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----- Start of picture text ----- Since3 mths 1 year 3 years (p.a.)incept. (p.a.)-6.5% 5.1% 11.5% 8.8%PortfolioBenchmark* -9.7% 1.0% 8.8% 8.0%S&P/ASX 200** -23.1% -14.4% -0.6% 2.4%----- End of picture text -----

*FTSE Global Core Infrastructure 50/50 Index (in A$) **Accumulation Index

MARKET COMMENTARY

March was an extraordinary month for equity markets globally as the COVID-19 pandemic intensified, leading to widespread shutdowns across the world. The rapid and damaging economic impacts of these extraordinary measures led to some of the steepest share market falls on record. In response, policymakers worldwide took swift and unprecedented action to curb effects by cutting interest rates and implementing significant stimulus.

Due to the unique nature of this external market shock, global infrastructure stocks proved less defensive than might be expected and modestly underperformed broader equity markets. With transportation-related businesses particularly vulnerable to the effects of severe travel restrictions and reduced economic activity, airport stocks plunged -29.2% and toll roads fell -24.5%. Midstream energy stocks also tumbled -26.8% as the unparalleled collapse in global oil demand coincided with OPEC oversupply issues. However, roughly two thirds of infrastructure sectors are less-economically reactive with communications tower companies holding up much better in a relative sense, as did water, gas and electricity utilities.

In March, while the Australian share market fell -20.7%, Argo Infrastructure’s portfolio returned -8.5%, ahead of the benchmark Index (down -11.0%) with positions in communications towers, data centers and water utilities contributing to performance.

Argo Infrastructure

	ASX code	ALI
	ListedPortolio ManagerShareholders	July2015Cohen & Steers9,500
	Market cap.	$264m
	Management fee	1.2%
	Performance fee	Nil
	Hedging	Unhedged
	Dividendyield^	3.8%

^Historical yield of 5.4% (including franking) based on dividends paid to shareholders over the last 12 months.

Weekly NTA announcement

For the latest weekly NTA estimate, please see argoinfrastructure.com.au.

Company overview

Provides exposure to an actively managed portfolio of global listed infrastructure companies. Argo Infrastructure has no debt.

Company objective

Provide a total return for long-term investors consisting of capital growth and dividend income, from a global listed infrastructure portfolio which provides diversification benefits for Australian investors.

About the Portfolio Manager

A leading specialist global real assets fund manager listed on NYSE, Cohen & Steers manages funds of approximately US$70 billion from offices worldwide on behalf of institutional clients and sovereign wealth funds.

Key personnel

	Jason BeddowBenjamin MortonRobert Becker	Managing DirectorSenior PortolioManagerPortolio Manager
	Tyler Rosenlicht	Portolio Manager

Argo Global Listed Infrastructure Limited | 1

ACN 604 986 914

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PORTFOLIO Sector diversification

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----- Start of picture text ----- Electric 38.7%Communications 16.5%Railways 8.2%Midstream Energy 8.2%Toll Roads 7.3%Water 6.8%Airports 6.1%Gas Distribution 4.4%Cash 2.2%Marine Ports 0.9%Diversified 0.7%----- End of picture text -----

Geographic diversification

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----- Start of picture text ----- United States ^ 56.9%Europe 10.0%Asia Pacific 7.8%Canada 7.2%Australia 5.4%Latin America 4.4%Japan 4.0%Cash 2.2%United Kingdom 2.1%----- End of picture text -----

^Many large infrastructure companies are listed in the United States, although their operations and earnings are often global.

ARGO INFRASTRUCTURE SHAREHOLDER BENEFITS

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Global diversification Exposure across various geographies and both emerging and developed economies

Specialist global fund manager Access to a world-leading, specialist infrastructure fund manager

Access infrastructure opportunities New opportunities offshore through government privatisations

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Proven investment approach Experienced and senior investment team with a long and successful track record

Enhance risk-adjusted returns Less volatile than broader equities providing some relative downside protection

Administratively simple global investing Exposure to a large and complex asset class through one simple ASX trade

HOW TO INVEST

To become a Argo Infrastructure is listed on the Australian Securities Exchange (ASX) under the ASX code ‘ALI’. shareholder, simply buy shares through your stockbroker, online broker, financial adviser or platform.

CONTACT US W argoinfrastructure.com.au Boardroom Pty Limited T 08 8210 9555 W investorserve.com.au E invest@argoinfrastructure.com.au T 1300 389 922 A Level 25, 91 King William St. Adelaide SA 5000

SHARE REGISTRY ENQUIRIES

This report has been prepared as general information only and is not intended to provide financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances before making any investment decisions. Past performance is no guarantee of future results. This announcement is authorised by Tim Binks, Company Secretary.

Argo Global Listed Infrastructure Limited | 2

ACN 604 986 914